I'm confused. I guess my title asks the question. It's a hypothetical question as I do not have anything due to go out of the SOL any time soon. But another forum I read had an interesting situation. Someone had a CC from the 1980s that was sent to collections. CA contacted him in 2005 and he made a payment in Dec. 2005. Does making a payment 20 years later really "reset" the clock for reporting on the CR? I am really curious to know the answer! Jenna
You are confusing the statute of limitation for the 7 year reporting period. In some states a renewed promise to pay, or payment actually tolls the SOL. For reporting purposes, the debt can be reported for 7 years.
Making a payment 20 years later should NOT allow reporting for another 7 years. Reporting is based in the first date of delinquency.
